Philippine economy grows fast enough to fulfil Manila’s aims
[Reuters]
Published date: 8th Jun 1987
View PDF8 June 1987
The Toronto Star
Copyright (c) 1987 The Toronto Star
MANILA — The government is aiming at GNP growth of between 6 and 6.5 per cent for the whole of this year.
The first-quarter figure was the best in three years.
GNP grew a modest 1.5 per cent last year after contracting more than 10 per cent over 1984 and 1985.
Fernandez told Reuters in an interview he was happiest about a recovery in manufacturing, which surged 9.6 per cent, signalling that the recession had ended.
He said consumption had risen since January, fueled by a construction boom in the dry months, but might drop off later this year as the rainy season set in.
“I do not see any shortage in external resources . . . We are under no immediate pressure so far as our monetary targets are concerned,” Fernandez said.
Foreign exchange
Gross foreign exchange reserves stood at $2.5 billion (U.S.) at the end of 1986 and are expected to rise to $3.4 billion (U.S.) this year
